Xcel Energy Investor Presentation — May 2020

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AGA FINANCIAL FORUM -VIRTUAL MEETINGS

MAY 2020WE’RE BUILDING THE FUTUREExcept forthehistorical statements contained inthispresentation, thematters discussed herein areforward -looking statements thatare

subject tocertain risks, uncertainties andassumptions .Such forward- looking statements, including the2020 earnings pershare (EPS)

guidance, long-term EPS anddividend growth rates, aswellasassumptions andother statements areintended tobeidentified inthis

document bythewords “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “objective,” “outlook,” “plan,” “project,”

“possible,” “potential,” “should,” “will,” “would” andsimilar expressions .Actual results may vary materially .Forward- looking statements

speak only asofthedate they aremade, andweexpressly disclaim anyobligation toupdate anyforward- looking information .The

following factors, inaddition tothose discussed inXcel Energy’s Annual Report onForm 10-Kforthefiscal year ended Dec.31,2019

andsubsequent securities filings, could cause actual results todiffer materially from management expectations assuggested bysuch

forward -looking information :uncertainty around theimpacts andduration oftheCOVID -19pandemic ;operational safety, including our

nuclear generation facilities ;successful long-term operational planning; commodity risks associated with energy markets and

production; rising energy prices andfuelcosts; qualified employee workforce andthird party contractor factors ;ability torecover costs,

changes inregulation and subsidiaries’ ability torecover costs from customers ;reductions inourcredit ratings and thecost of

maintaining certain contractual relationships ;general economic conditions, including inflation rates, monetary fluctuations and their

impact oncapital expenditures andtheability ofXcel Energy Inc.anditssubsidiaries toobtain financing onfavorable terms ;availability

orcost ofcapital ;ourcustomers’ andcounterparties’ ability topaytheir debts tous;assumptions andcosts relating tofunding our

employee benefit plans andhealth care benefits ;oursubsidiaries’ ability tomake dividend payments ;taxlaws;effects ofgeopolitical

events, including warandacts ofterrorism ;cyber security threats anddata security breaches ;seasonal weather patterns ;changes in

environmental laws andregulations ;climate change andother weather ;natural disasters andresource depletion, including compliance

withanyaccompanying legislative andregulatory changes ;andcosts ofpotential regulatory penalties .

Vice President, Investor Relations

paul.a.johnson@xcelenergy.comSafe Harbor

Director, Investor Relations